Info
Info
News Article

Greencoat Solar To Acquire 156MW Portfolio From BlackRock Real Assets And Lightsource Bp

News

Greencoat Capital LLP (“Greencoat”) has agreed to the acquisition of a 156 megawatt (“MW”) solar portfolio from BlackRock Real Assets (“BlackRock”) and Lightsource bp. The investment was made by Greencoat Solar II LP on behalf of a number of the UK's largest pension funds. It will bring solar generating capacity of funds managed by Greencoat to almost 880MW. This transaction marks the first successful realisation for BlackRock's Global Renewable Power II Fund and has provided investors with a combination of stable income and attractive capital growth at exit.

The 156MW portfolio's electricity output will annually displace c.65,000 tonnes[1] of emitted carbon dioxide and supply around 45,000[2] homes equivalent. The portfolio is largely Renewables Obligation Certificates (ROC) accredited with an average of approximately 16 years of support remaining. One of the assets, the 14.4MW Charity Farm, is backed through a Contract for Difference (CfD).

BlackRock's Global Renewable Power team acquired a 90% stake in the portfolio in 2017 through its partnership with Lightsource bp, who maintained a 10% stake in the portfolio. The partnership has delivered financial and operational improvements throughout its holding period and realised the de-risked portfolio at a premium for investors. Greencoat will be acquiring 100% ownership from both vendors. Lightsource bp will continue to provide ongoing asset management and operational services.

Karin Kaiser, Greencoat Capital, said:This is a brilliant portfolio of proven operational assets that will provide our clients predictable cashflows with inflation protection over the long term, whilst contributing to the decarbonisation of the UK's electricity sector. The acquisition takes installed solar capacity to over 880MW, across the Funds we manage, generating enough power across the year to power all the homes in a city the size of Manchester. We continue to see a strong opportunity for solar aggregation in the UK, and an active near-term pipeline.

This transaction delivers to investors in Greencoat Solar II long term secure income cash flows that over the long lifetime of these assets will be uncorrelated to general stock market factors.”

Rory O'Connor, Global Chief Investment Officer and head of Europe for BlackRock Renewable Power, added: “The structural transition to a lower carbon future is providing attractive investment opportunities in renewable power globally. There is a significant re-allocation of capital underway that underscores the resilience of the sector, even while public markets face uncertainty as the world addresses the COVID-19 pandemic. This asset realisation comes as we achieve the second close of our Global Renewable Power Fund III at $1.5bn, reflecting the expertise and depth of the BlackRock Renewable Power platform and strong ongoing demand from our clients looking for renewable power and climate infrastructure investment opportunities that can deliver attractive and sustainable returns.”

Paul McCartie, Chief Investment Officer for Lightsource bp, said: “The portfolio was originally developed and constructed by Lightsource bp and is today a strong operational portfolio. We look forward to working with Greencoat and continuing to provide operational services in the future. The transaction is testament to the strong growth of the UK market and has been realised through the lasting partnership with BlackRock Renewable Power.”

Greencoat Capital's advisors for the transaction were: Eversheds Sutherland - legal; Evergy - technical; EY - finance.




Mercedes-Benz Announces Strategic Partnership And Equity Stake In Battery Cell Manufacturer Farasis
Communication Without Mask
GaN And SiC Power Semi Markets To Pass $1B In 2021
New Silicon Carbide Power Module For Electric Vehicles
Heraeus Launches New Bonding Ribbon For SiC Modules
Tektronix And A2LA Partner On Ventilator Production By Reconfiguring And Accrediting Torque Tools
Allegro Releases World’s Most Accurate 400 KHz Current Sensor IC With 5 KV Isolation Rating
Toshiba Expands Super Junction N-Channel MOSFET Series With Addition Of New 650V Devices
II-VI Licenses SiC Technology From GE
CoolSiC For Ultra-fast Pit Stops ...
SAIC-GM-Wuling Builds Energy Storage Power Station From Retired EV Batteries
CoolSiC Module Opens Up New Applications For SiC
Yole Releases SiC And GaN Update
Mitsubishi Announces 1200V SiC-MOSFET
APEC 2021: Recruiting Qualified Tech Paper Reviewers
EPC To Present On GaN At Virtual PCIM
Cambridge GaN Devices Leads €10.3M European Project
Toshiba Releases Industry’s First High-Speed Communications Photocouplers That Can Operate From A 2.2V Supply
Siemens Supports Sustainable Urban Transport With EBus Charging Infrastructure In Nuremberg
Deltaray Enables Zero-defect Product Manufacturing For Medical Devices, Pharmaceutical And Automotive Industries
Rohm And Leadrive Establish Joint Lab For SiC Automotive Modules
Microchip Delivers The Smallest Automotive MaXTouch Controllers For Smart Surfaces And Multi-function Displays
British Gas Makes Largest UK Commercial EV Order With Vauxhall
New Rohm SiC MOSFETs Featuring The Industry’s Lowest ON Resistance

Info
×
Search the news archive

To close this popup you can press escape or click the close icon.
Logo
×
Logo
×
Register - Step 1

You may choose to subscribe to the Power Electronics World Magazine, the Power Electronics World Newsletter, or both. You may also request additional information if required, before submitting your application.


Please subscribe me to:

 

You chose the industry type of "Other"

Please enter the industry that you work in:
Please enter the industry that you work in:
 
X
Info
X
Info
{taasPodcastNotification}